Written answers

Thursday, 20 December 2012

Photo of Michael McGrathMichael McGrath (Cork South Central, Fianna Fail)
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To ask the Minister for Finance the anticipated adjustment in Budget 2014; if he will confirm the split between taxation and expenditure measures; and if he will confirm the amount of the adjustment that is already accounted for by way of carry forward of measures announced in Budget 2013. [57616/12]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
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In my Budget Statement on 5 December last, I informed the House that the projected consolidation for 2014 and 2015 of €3.1 billion and €2 billion respectively is unchanged from the figures published in the Medium-Term Fiscal Statement three weeks before Budget 2013. The 2014 target for revenue consolidation is €1.1 billion, with €2 billion for expenditure consolidation. Around €600 million of the revenue consolidation will be provided through carry forward from measures announced in Budget 2013. This estimate of carry forward is inclusive of an estimated €200 million yield resulting from changes to take effect in 2014 to the maximum allowable pension fund, which was outlined in the Summary of 2013 Budget Measures. With regard to expenditure measures, over €100 million of the €2 billion expenditure consolidation outlined for 2014 will arise as a result of policy measures implemented in 2013. These savings mainly arise in the areas of social welfare, education and health spending. It should be noted that much of the carryover savings will go towards meeting the 2014 expenditure ceilings as set out for Departments in the Expenditure Report 2013.


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